The Ogun State Internal Revenue Service has declared that it generated a total of N11.804 billion as revenue into the state government’s coffers between January and March, 2022.
This represents 83.86% of N14.076 billion expected for the period under review.
The state’s IRS chairman, Mr. Olugbenga Olaleye, represented by a board member and Special Adviser to the Governor on Corporate Development and Legal Services, Hon. Biodun Adeleye disclosed this while presenting the agency’s 2022 budget performance for the first quarter before members of the State House of Assembly Committee on Finance and Appropriation led by the Chairman, Kunle Sobukanla at the Assembly Complex, Oke-Mosan, Abeokuta.
Olaleye explained that the total amount generated was 129% higher than N9.143bn raked in for the same period as at March, 2021, noting that the figure excluded N4.7 billion expected from tax audit for the period under review.
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Adjudging the performance as the best in the last three years despite the COVID-19 challenges and downturn in the global economy, he stated that plans had been intensified to shore up revenue through the replacement of 17% average Personal Income Tax (PIT), with a flat rate or 0.5% on corporate land transaction value to encourage ease of doing business and attraction more potential investors.
He gave a breakdown of the revenue generated to include Personal and withholding taxes, stamp duty, road taxes and direct assessment amongst others.
The lawmakers also appraised the budget performance of the State Ministry of Budget and Planning, Bureaux of Public Procurements and Statistics.